Veralto Invests in Axine Water Technologies

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Nov 13, 2024, 08:45 ET

Creates Strategic Partnership with a Leading Provider of Contaminant Destruction Technology

WALTHAM, Mass., Nov. 13, 2024 /PRNewswire/ -- Veralto Corporation (NYSE: VLTO) (the "Company"), a global leader in essential water and product quality solutions dedicated to Safeguarding the World's Most Vital Resources™, announced an investment of approximately $15 million to establish a minority interest in Axine Water Technologies, a leading provider of electrochemical oxidation technology for contaminant destruction.

Axine's electraCLEAR solution provides simple, safe, efficient, and cost-effective destruction of organic contaminants in pharmaceuticals and industrial wastewater, including long and short-chain PFAS.

Veralto's Water Quality segment provides one of the most comprehensive portfolios of water analytics and advanced water treatment solutions to help customers manage, test, treat, and protect our global water supply, from municipal treatment facilities and industrial processes to lakes, rivers, watersheds, and oceans.

The strategic collaboration with Axine builds upon Veralto's diverse portfolio of water solutions for customers. Veralto's minority position in Axine includes a commercial agreement in North America with the Company's Trojan Technologies business aimed at increasing Axine's customer reach, expanding its presence in municipal and industrial markets and scaling its technology.

"Our Water Quality operating companies have a proven track record of developing and commercializing technologies that help customers detect and destroy emerging contaminants. A key part of our growth strategy in Water Quality is developing fit-for-purpose solutions to help our customers meet complex challenges," said Jennifer L. Honeycutt, President and Chief Executive Officer of Veralto. "We believe Axine's electrochemical oxidation technology provides a promising solution for difficult-to-treat organic contaminants, and our strategic partnership is aligned with our commitment to helping deliver clean water."

"We have a history of treating wastewater, allowing our clients to focus on their valuable core products. I am excited about Verlato's investment and partnership, which we believe will help position Axine to grow in municipal and industrial markets and deliver greater value to customers" said Mark Ralph, CEO of Axine Water Technologies.

ABOUT VERALTO
With annual sales of $5 billion, Veralto is a global leader in essential technology solutions with a proven track record of solving some of the most complex challenges we face as a society. Our industry-leading companies with globally recognized brands are building on a long-established legacy of innovation and customer trust to create a safer, cleaner, more vibrant future. Headquartered in Waltham, Massachusetts, our global team of 16,000 associates is committed to making an enduring positive impact on our world and united by a powerful purpose: Safeguarding the World's Most Vital Resources™.

ABOUT AXINE WATER TECHNOLOGIES
Axine Water Technologies is a leading provider of electrochemical oxidation technology for industrial wastewater treatment. Axine's electraCLEAR™ offers cost-effective complete destruction of long- and short-chain PFAS. With over 150,000 hours of full-scale commercial operating experience since 2017, their treatment-as-a-service model addresses compliance with current and future regulations.

FORWARD-LOOKING STATEMENTS
Certain statements in this release, including the statements regarding Axine Water Technologies, the Company's differentiation and positioning to continue delivering sustainable, long-term shareholder value and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. All statements other than historical factual information are forward-looking statements, including, without limitation, statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, Veralto's liquidity position or other financial measures; Veralto's management's plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; the effects of the separation or the distribution on Veralto's business; growth, declines and other trends in markets Veralto sells into; new or modified laws, regulations and accounting pronouncements; future regulatory approvals and the timing thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Veralto intends or believes will or may occur in the future. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2023 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

SOURCE Veralto